Hungary’s FinMin considers tax cut

bbj.hu

Tuesday, January 22, 2008, 08:08

There is a need and a real possibility for tax cuts in Hungary, said Finance Minister János Veres at a conference organized for the largest tax-payers.

On the proposal of the Economic Competitiveness Roundtable to reduce social security contribution by 10% by 2009, the Minister declared, that he saw the proposal unfeasible. A one-percent reduction costs Ft 80 billion, and there will be a margin of around Ft 250 billion in 2009, he added, so further cuts in expenditure would be needed. On local business tax (hipa) Veres said, that there are new proposals to change this tax gradually. The government revenue from hipa will reach Ft 500 billion in 2008, because several foreign companies lost their former tax preferences. The Finance Minister sees a real possibility for a much higher GDP growth in 2008, due partly to a more effective use of EU funds and, on the other hand, to higher private economy activity. (Gazdasági Rádió)

Related articles

According to new regulations, companies may apply for financial support for internal and external training programs from the National Employment Fund (Nemzeti Foglalkoztatási Alap) in the event they create 50 new workplaces, advisory firm Deloitte says.

The National Industrial Park Management and Development Company (NIPÜF) announced that its 60,000 square-meter Hatvan logistics center won the "Warehouse BTS Project of the Year" award at EuropaPropertyʼs second-ever Budapest gala, according to a press release sent to the Budapest Business Journal.

According to a report by the Budapest Research Forum (BRF), the modern Budapest office stock was extended by a total of 44,265 square meters in Q4 2018, growing the total modern office stock to 3,628,105 sqm, with a 7.3% vacancy rate, and with total annual demand reaching the 2015 record volume.

Demonstrators again protested amendments to the Labor Code in cities around the country on Saturday. In Budapest, the protest was organized by the Youth For Democracy civil group and the Youth Chapter of the Hungarian Trade Union Confederation (MSZSZ) under the banner "Bring the country to a halt - Budapest - blockade."

Home prices in Hungary rose 7% year-on-year in the third quarter of 2018, a rate well over the 4.3% average for the European Union as a whole, according to a quarterly release of data from Eurostat, the statistical agency of the European Commission.

Global solar power solutions and services company, Photon Energy, announced that it has closed a long-term non-recourse project financing agreement for its 11.5 MWp proprietary PV power plant portfolio in Hungary, according to a press release sent to the Budapest Business Journal.

According to a document on the website of the European Commission (EC), the EC has proposed the opening of negotiations on an agreement with the United States on the elimination of tariffs for industrial goods.

Hungarian-American movie producer Andrew G. Vajna died in his Budapest home on Sunday following a long illness, the Hungarian National Film Fund, which Vajna headed, announced on Sunday, as reported by The New York Times and domestic media.